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Blockchain Technology Review & Setup

Since it was founded in 2011, Blockchain, which is based in Britain (with offices in Luxembourg and New York), has gained respect in the industry for adhering to the virtual currency’s original philosophy of anonymity and decentralization.

Bitcoin has been slow to gain more widespread use in the mainstream. In developed countries, virtual money is still largely the plaything of technology enthusiasts and speculators, though some retailers and stores have trumpeted their acceptance of Bitcoin. In emerging markets, where some see enormous potential for Bitcoin, the infrastructure to process transactions simply does not exist.

For Bitcoin to become more widely adopted, supporters say, the virtual currency must find a unique application that will take it beyond the realm of speculation. And for that to happen, companies must first build a robust platform, which is what Blockchain says it is trying to do.

In this Bloomberg Interview (below), Blockchain president Peter Smith discusses the company’s business model and the security concerns surrounding Bitcoin with Trish Regan on “Street Smart.” (Source: Bloomberg)

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